|   CorporateDepartments     |   Department                         |   Division/ Subdivision  |   DistributionMethod                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------------------------------------------|-----------------------------------------------------|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Human Resources          |   HumanResources Management          |                                    |   Byheadcount (non-corporate personnel) and weighting the percentagesof other areas (corporate personnel).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                      |   CultureManagement                  |                                    |
|                                      |   Administrationand Labor Relations  |                                    |
|   Finance             |   CapitalMarkets                     |                                    | Weightingis as follows:CapitalMarkets 25%Relationswith Investors 25%FinancialAnalysis 12.5%FinancialRisk 12.5%FinancialAdministration 25% Investors Relations: Number of business highlights duringthe semester, number of result announcements, number of meetingswith investors (current or potential) to discuss thecompanies’ business and strategy, number of active coverages,number of result conferences, the complexity of the website of eachcompany, number of relevant facts published in the ArgentineSecurities and Exchange Commission and the US Securities andExchange Commission, and number of Roadshows (DealorNon-Deal). All items involved are weighted in equalparts. Capital Markets: Amount of financial transactions conductedin the period weighted at 70% and the remaining 30% corresponds toupdates of offering memoranda and “horizontal” works(20F, annual reports, Press Release, etc.)Financial Risk: Time invested in the dutiesperformed.Financial Administration: Total assets weighted at 40% andtotal liabilities weighted at 60%. The resulting percentage shallbe weighted at 80% over the total. The remaining 20% willcorrespond to the percentage that each company consummates over thetotal inquiries for special transactions.Financial Analysis: Time devoted to the tasksperformed.  |
|   Relationswith Investors  |                                                |
|   FinancialRisk            |                                                |
|   FinancialAdministration  |                                                |
|   FinancialAnalysis        |                                                |
|   Planning                 |                                                |                                    |   Proportionalamong the three companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   Institutional Relations  |                                                |                                    |   Tasksperformed and the time spent in each.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

|   Administration and Control Each one of the sectorscomprising the Department is weighted.                                                                                            |   Accountingand Reporting                                                                                                                                                                                                                                   |                                                                                                                  |   Tasksconducted and hours spent in each task                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Taxes                                                                                                                                                                               |                                                                                                                                                                                                                                                                       |   Salariesare weighted according to the position and tasks performed (percompany and in equal shares)  |
|   Budgetand Global Management Control                                                                                                                                                 |                                                                                                                                                                                                                                                                       |   Thepreceding half year’s structure expenses arepro-rated.                                     |
|   SOXRegulation                                                                                                                                                                       |                                                                                                                                                                                                                                                                       |   Distributionof key control % per front / company                                                     |
|   Shared Services Center (CSC)(Thepercentages of all the sectors reporting to the CSC are weightedaccording to projected salaries of the sector in question over CSCtotal salaries).  |   ExpensesAdministration                                                                                                                                                                                                                                    |                                                                                                                  |   Numberof Expense Transactions performed by each Company + DirectAllocation of Resources                                                                                                                 |
|   RevenuesAdministration                                                                                                                                                              |                                                                                                                                                                                                                                                                       |   Numberof Revenue Transactions performed by each Company + DirectAllocation of Resources              |
|   CustomerAdministration                                                                                                                                                              |                                                                                                                                                                                                                                                                       |   DirectAllocation of Resources                                                                        |
|                                                                                                                                                                                                 |   CollectionsAdministration                                                                                                                                                                                                                                 |                                                                                                                  |   DirectAllocation of Resources                                                                                                                                                                           |
|                                                                                                                                                                                                 |   TreasuryAdministration                                                                                                                                                                                                                               |                                                                                                                  |   Numberof Treasury Transactions performed by each Company.                                                                                                                                               |
|                                                                                                                                                                                                 |   OwnAccount Administration                                                                                                                                                                                                                                 |                                                                                                                  |   Numberof Transactions performed by each Company.                                                                                                                                                        |
|                                                                                                                                                                                                 |   Technology                                                                                                                                                                                                                                                |                                                                                                                  |   Weightingof time spent in each task (related to the services).                                                                                                                                          |
|                                                                                                                                                                                                 |   ITServices                                                                                                                                                                                                                                                |                                                                                                                  |   Numberof CASTI incidents processed for each Company.                                                                                                                                                    |
|                                                                                                                                                                                                 |   MasterData                                                                                                                                                                                                                                                |                                                                                                                  |   Numberof Transactions processed by each Company.                                                                                                                                                        |
|                                                                                                                                                                                                 |   MaintenanceSystems                                                                                                                                                                                                                                        |                                                                                                                  |   Hoursdevoted to each task.                                                                                                                                                                              |
|                                                                                                                                                                                                 |   ProjectSystems                                                                                                                                                                                                                                            |                                                                                                                  |   Hoursdevoted to each task.                                                                                                                                                                              |
|                                                                                                                                                                                                 |   CommercialTransactions                                                                                                                                                                                                                                    |                                                                                                                  |   Hoursdevoted to each task.                                                                                                                                                                              |
|                                                                                                                                                                                                 |   ITSecurity                                                                                                                                                                                                                                                |                                                                                                                  |   Weightingof time spent in each task.                                                                                                                                                                    |
|                                                                                                                                                                                                 |   ProcessQuality                                                                                                                                                                                                                                            |                                                                                                                  |   Weightingof time spent in each task.                                                                                                                                                                    |
|                                                                                                                                                                                                 |   CSCHuman Resources                                                                                                                                                                                                                                        |                                                                                                                  |   50%weighting of % of CSC sectors; 50% weighting of Corporatesectors.                                                                                                                                    |
|                                                                                                                                                                                                 |   ErrandRunning Service                                                                                                                                                                                                                                     |                                                                                                                  |   Numberof errands run.                                                                                                                                                                                   |
|                                                                                                                                                                                                 |   Backoffice                                                                                                                                                                                                                                                |                                                                                                                  |   Hoursspent in each task.                                                                                                                                                                                |
|                                                                                                                                                                                                 |   GeneralServices                                                                                                                                                                                                                                           |                                                                                                                  |   Hoursspent in each task.                                                                                                                                                                                |
|   Real Estate Business Management(eachof the Departments comprising the Area are weighted. It does notrender services to Cresud)                                                 |   RealEstate IT Services                                                                                                                                                                                                                                    |                                                                                                                  |   70%IRSAPC, 30% to be distributed IRSAPC and IRSA based on supervisedprojects.                                                                                                                           |
|   RealEstate Business Analysis                                                                                                                                                        |                                                                                                                                                                                                                                                                       |   Hoursdevoted to reviewed projects as applicable to IRSA PC orIRSA.                                   |
|   RealEstate Credit Risk                                                                                                                                                              |                                                                                                                                                                                                                                                                       |   Hoursworked for each company.                                                                        |
|   RealEstate Legal Affairs                                                                                                                                                            |                                                                                                                                                                                                                                                                       |   Weightingof hours and salaries.                                                                      |
|   RealEstate Budget and Management Control                                                                                                                                            |                                                                                                                                                                                                                                                                       |   Actualrevenues per company.                                                                          |
|                                                                                                                                                                                                 |   RealEstate Business Accounting and Reporting                                                                                                                                                                                                              |                                                                                                                  |   RealEstate Business accounting voucher weighting.                                                                                                                                                       |
|   Real Estate Business Board of Directors to beDistributed                                                                                                                            |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Proportionalbetween IRSA and IRSAPC. Excludes Cresud.                                                                                                                                                   |
|   Real Estate Business HHRR                                                                                                                                                           |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Basedon payroll.                                                                                                                                                                                        |
|   Insurance                                                                                                                                                                           |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Basedon the amount of premiums under the annual insuranceprogram.                                                                                                                                       |
|   Safety                                                                                                                                                                              |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Perhour                                                                                                                                                                                                 |
|   Contract Department                                                                                                                                                                 |   Contracts                                                                                                                                                                                                                                                 |                                                                                                                  |   Numberof contracts executed.                                                                                                                                                                            |
|   Technical, Infrastructure and Services, Architecture and Design,and Works Development Department Anaverage is obtained from the Departments reporting toit                     |   Technical,Infrastructure and Services (IRSAPC– IRSA: Weighted average from the Departments reporting to itless the percentage allocated to CRESUD. CRESUD: a percentage iscalculated based on the hours spent in the tasksperformed/planned)  |   Planningand Control                                                                                  |   Weightedaverage of the areas under the supervision of the TIS Department ofIRSA and IRSAPC, excluding CRESUD.                                                                                           |
|   Logistics                                                                                                                                                                           |   Weightedbetween directly assigned personnel and centralized personneldistributed per square meter of the real property (IRSA and IRSAPC)and time spent in tasks (CRESUD).                                                                                 |
|   DistributedOperations                                                                                                                                                               |   Squaremeters of real property held, operated and to which maintenanceservices are provided (IRSA and IRSAPC) and time spent in tasks(CRESUD).                                                                                                             |
|   Architecture                                                                                                                                                                        |   IRSA/IRSAPC:Personnel distributed per surface area and number ofstores.                                                                                                                                                                                   |
|   Thirdparties' services                                                                                                                                                              |   Distributionof resource allocation.                                                                                                                                                                                                                       |
|   TravelingPersonnel                                                                                                                                                                  |   Maintenancehours (IRSA and IRSAPC) and time spent in tasks(CRESUD).                                                                                                                                                                                       |
|   Engineeringand Maintenance                                                                                                                                                          |   Squaremeters of real property held, to which maintenance, engineering andother services are provided (IRSA and IRSAPC) and time spent intasks (CRESUD).                                                                                                   |
|   WorksDevelopment                                                                                                                                                                    |                                                                                                                                                                                                                                                                       |   Tasksperformed and time spent in each.                                                               |
|   Architectureand Design                                                                                                                                                              |                                                                                                                                                                                                                                                                       |   Completedprojects.                                                                                   |
|   Purchases and Hirings                                                                                                                                                               |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Weightedvolume and amounts of purchase orders.                                                                                                                                                          |
|   Environment and Quality                                                                                                                                                             |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Thedistribution of corporate costs of the Environment, Farming Qualityand Standardization area will be made according to the hoursdevoted to each global topic by person and company during theperiod.  |
|   Real Estate                                                                                                                                                                         |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Tasksperformed and time spent in each.                                                                                                                                                                  |
|   Governmental Affairs                                                                                                                                                                |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Weightingof allocated projects.                                                                                                                                                                         |
|   Hotels                                                                                                                                                                              |                                                                                                                                                                                                                                                                       |                                                                                                                  |   100%IRSA.                                                                                                                                                                                               |
|   Internal Audit                                                                                                                                                                      |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Timesestimated/forecast in the annual plan.                                                                                                                                                             |
|   Fraud Prevention                                                                                                                                                                    |                                                                                                                                                                                                                                                                       |                                                                                                                  | Proportionalamong the three companies                                                                                                                                                                                    |
|   Board of Directors to be Distributed                                                                                                                                                |                                                                                                                                                                                                                                                                       |                                                                                                                  | Proportionalamong the three companies                                                                                                                                                                                    |
|   Audit Committee                                                                                                                                                                     |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Weightingof tasks performed.                                                                                                                                                                            |
|   General Management Department to be Distributed                                                                                                                                     |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Proportionalamong the three companies                                                                                                                                                                   |
|   Board of Directors’ Safety                                                                                                                                                   |                                                                                                                                                                                                                                                                       |                                                                                                                  |   Proportionalamong the three companies                                                                                                                                                                   |